jake. it is unfounded. for several reasons. firstly, the banking sector overall is much better capitalized than it was in 2008. there have been huge changes. a full-scale banking meltdown crisis, is it possible? maybe. is it likely? absolutely not, so the experts say. i was talking to one such expert here in israel where i am. the tech sector which has been so badly hit by all of this. i spoke to the venture capitalist of the viola group. he said it s not a system at risk, but when it comes to runs on banks, today they can be much faster than you think. run on the bank of the world of internet is very quick. but i do believe it s an isolated, specific event. i don t think it will have huge impact. this is not 2008. reporter: putting that into wider view, it s certainly going to hit the technology sector because tech borrowed from these institutions, but the speed at which the regulators moved shoring up the depositor savings making it clear investors won t be bailed out.
developments we re following this hour, but i want to get to the breaking news right now out of texas. that s coming up. a very dangerous tornado outbreak unfolding right now. cnn s rosa flores is in deer park, texas for us. she just filed this report. reporter: wolf, the pictures out of deer park, texas, are very dramatic. take a look behind me. there is an overturned car. the glass is broken. the car is mangled. you can see the trees here are also mangled. but these are not the most dramatic pictures. i want to show you, because there is a car that is yards from where we are. i talked to the sister of the owner of that car. she tells me that that car was parked right over where i am actually standing, just near here. and you can see that some of the cleanup has already started. but that car was, according to that woman, parked in this parking lot that you see over here behind me. this woman said that she actually works for the district, and that they were inside when the
america s second largest city slammed by flash floods and bracing for more. the justice department documents found into a private office once used by joe biden. and a huge celebration in the streets of georgia as the bulldogs go back to back in the college football championship. here we go. welcome to our viewers in the united states and around the world. i m christine romans. good morning, everyone. right now, 90% of the population of california under flood watch. america s second largest city is slammed by a relentless storm. flash flooding, mudslides, wind damage all across central and southern california. this is video just in from santa clarita. firefighters pulling a person out of that car as water rushes around them. there are scenes like these all over the los angeles area. roads now closed. firefighters rescuing people caught in these flash floods. santa barbara county alone responding to some 200 calls like this. in some cases it s better to leave the car home
considerable damage in parts of south carolina. you see it in this video. that storm ripping through a pier causing part of it to collapse. now, it also submerged this neighborhood with a strong storm surge that, in fact, was several feet high. it was so bad this man it was so bad this man had to wade through knee-deep water inside his own home. thankfully the water there is starting to recede, and some areas in the state have been spared the worst. but in florida the damage has been severe. at least 45 people have now lost their lives and hundreds of homes have been turned, well, you see there just piles of debris. the coast guard is trying to rescue survivors. president joe biden said more help is on the way. it s just a crisis for florida. it s an american crisis. we re all in this together. i ve spoken to governor desantis on multiple occasions as well as this morning as well as mayors and county officials both republican and democrat from places most affected. now,
feet high, could plunge into the neighborhood. it s just one of the many gulf coast communities still suffering from catastrophic flooding. it s been quite an operation. some of our major thoroughfares have become impassable even as the water recedes, there s washouts. so we have a long, long recovery period. all of this following hurricane ian s destructiv ive h across florida. it slammed into the gulf coast as a category 4 hurricane. entire towns leveled. florida governor ron desantis is expected to give an update on the situation later on in this hour. we ll take that for you live. let s send it down to boris sanchez with our coverage from ft. myers, florida. boris? fred, you just broke the news that we have been dreading all day. initially, when we got up this morning, officials had told us that the death toll from hurricane ian was hanging at around 45 fatalities, and you just broke the news, 64 people killed by hurricane ian here in the state of florida and potent